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A Fin24 user asks whether Capitec will be able to finance his car purchase.

Charl Nel of Capitec Bank responds:

The short answer is that Capitec Bank Holdings [JSE:CSI] does not offer asset base finance. In other words, we do not leverage your house or the asset you are buying to base the credit amount on.

We operate in the unsecured credit environment. In layman's terms, this means that we look at your income potential to pay back a loan rather than what you already own.

Your income and the stability thereof determine how much credit you qualify for. The highest amount we offer is R230 000.

To answer your question: Capitec Bank offers credit, but what clients use it for is up to them.

- Fin24

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* Do you have a pressing financial question? Post it on our Money Clinic section and we will get an expert to answer your query.

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